Major creditors suing Argentina over defaulted bonds have agreed to the economic terms of an agreement to resolve the long-running litigation but need more time to complete the $5 billion deal, a lawyer for the investors said Wednesday. The disclosure came during a hearing before a federal appeals court in New York, where the panel said it will allow a U.S. judge to move forward with lifting injunctions that restrict Argentina from paying off some debts.
Moody’s Investors Services on Wednesday became the third major rating agency to downgrade Brazil’s debt to junk, cutting its rating by two notches to Ba2, as the former emerging market star sinks deeper into the worst recession in decades. Moody’s said the outlook for Brazil’s issuer and bond ratings was negative due to the prospect of further deterioration in debt metrics amid a deep economic slowdown, as well as the risk of further external shocks.
Approval of President Dilma Rousseff’s government has nudged higher amid recession and a massive corruption scandal, though a majority of Brazilians still want to see her impeached, a new poll showed on Wednesday.The number of Brazilians who favor Rousseff’s impeachment has slipped to 55.6 percent from 62.8 percent in July, while 40.3 percent now oppose impeaching her, compared with 32.1 percent in July, the poll said.
Mexican President Enrique Peña Nieto said Monday that his administration is determined to press ahead with the implementation of the country’s energy overhaul, setting a date for deep-water oil block auctions and speeding up the process of opening of the gasoline market. Mexico is proceeding with opening its energy industry and markets despite the low oil prices, Peña Nieto said.
US President Barack Obama’s decision to visit Argentina in March shows the country is mending its diplomatic ties after years of tension, Argentine President Mauricio Macri told AFP on Monday.
“It signifies a recognition of a change that has taken place in Argentina, towards good relations with the world, relations which must be mature, intelligent and mutually beneficial,” Macri said in an interview at the presidential palace in Buenos Aires.
Mexico’s economy in the fourth quarter expanded in line with a preliminary report published last month as domestic consumption rebounded amid record-low inflation.
Gross domestic product rose 2.5 percent from a year earlier, according to final figures released by the national statistics institute Tuesday. From the previous quarter, GDP advanced 0.5 percent. Full year growth accelerated to 2.5 percent from 2.3 percent in 2014.
After several years of setting new records, US trade with Latin America fell 8 percent last year after growing by 2.5 percent in 2014, according to a Latinvex analysis of data from the US Census Bureau.
Trade fell with all but two countries, with Venezuela, Brazil and Colombia particularly pulling down the region’s total trade with the United States.
Venezuela lost a whopping $17.7 billion in trade with the US last year, while Brazil lost $13.7 billion, and Colombia nearly $8 billion.
As a result, Colombia replaced Venezuela as the third-largest US trade partner in Latin America after Mexico and Brazil.
US trade with Latin America reached $776 billion last year.
Brazil’s stock index posted the world’s biggest gain as iron-ore miner Vale rose to a seven-week high amid speculation demand from China will rebound. Eight of the Ibovespa’s 10 best performers were tied to the raw-materials industry as commodities and emerging markets rallied worldwide. Bloomberg reports.
Standard & Poor’s downgraded Brazil’s credit rating deeper into junk territory on Wednesday, citing its failure to curb its fiscal deficit, in a surprise blow to President Dilma Rousseff`s bid to haul the economy out of its worst recession in decades. The agency cut Brazil’s sovereign credit rating to BB from BB+ with a negative outlook.